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obligaciones subordinadas preferentes y no preferentes

English translation: preferential, non-preferential subordinated debenture/ bond

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:obligaciones subordinadas preferentes y no preferentes
English translation:preferential, non-preferential subordinated debenture/ bond
Entered by: Alicia Jordá

11:24 Jan 21, 2004
Spanish to English translations [PRO]
Bus/Financial / bonds, credit, banking
Spanish term or phrase: obligaciones subordinadas preferentes y no preferentes
ARTICULO 36 BIS 1. LAS ***OBLIGACIONES SUBORDINADAS*** Y SUS CUPONES SERAN TITULOS DE CREDITO A CARGO DE LA ENTIDAD EMISORA Y PRODUCIRAN ACCION EJECUTIVA RESPECTO A LA MISMA, PREVIO REQUERIMIENTO DE PAGO ANTE FEDATARIO PUBLICO. LAS OBLIGACIONES SUBORDINADAS PODRAN SER NO SUSCEPTIBLES DE CONVERTIRSE EN ACCIONES O EN CERTIFICADOS DE APORTACION; DE CONVERSION VOLUNTARIA EN ACCIONES O EN CERTIFICADOS DE APORTACION Y DE CONVERSION OBLIGATORIA EN ACCIONES O EN CERTIFICADOS DE APORTACION, SEGUN SE TRATE. ASIMISMO, LAS OBLIGACIONES SUBORDINADAS SEGUN SU ORDEN DE PRELACION, PODRAN SER ****PREFERENTES O NO PREFERENTES****.

I cannot figure out how these should be translated.

Are they BONDS or DEBENTURES?

Are they SUBORDINATE or SUBORDINATED?

Are they PREFERENTIAL/NON-PREFERENTIAL, SENIOR/JUNIOR. SECURED/NON-SECURED?

There are so many combinations and permitations with those words that I cannot figure them out!
Lia Fail (X)
Spain
Local time: 17:50
preferential, non-preferential subordinated debenture/ bond
Explanation:

in the dict. de térm. económicos, finacieros y comerciales Alcaraz-Hughes, you have obligaciones as debentures, debenture bond and bond

also Eurodicautom:


Financial Affairs - Taxation & Customs (FI)
(1)
TERM obligación subordinada



(1)
TERM subordinated debenture


Document 2


Subject Financial Affairs - Taxation & Customs (FI)
(1)
TERM obligación subordinada
(1)
TERM subordinated bond
(2)
TERM junior bond

Selected response from:

Alicia Jordá
Local time: 17:50
Grading comment
Thanks:-)
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +1preferential, non-preferential subordinated debenture/ bond
Alicia Jordá
5convertible subordinated notes ... preferred or non-preferred
Michael Mueller
4preferred subordinated bonds
Simona de Logu


  

Answers


9 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
preferential, non-preferential subordinated debenture/ bond


Explanation:

in the dict. de térm. económicos, finacieros y comerciales Alcaraz-Hughes, you have obligaciones as debentures, debenture bond and bond

also Eurodicautom:


Financial Affairs - Taxation & Customs (FI)
(1)
TERM obligación subordinada



(1)
TERM subordinated debenture


Document 2


Subject Financial Affairs - Taxation & Customs (FI)
(1)
TERM obligación subordinada
(1)
TERM subordinated bond
(2)
TERM junior bond



Alicia Jordá
Local time: 17:50
Native speaker of: Spanish
PRO pts in pair: 940
Grading comment
Thanks:-)

Peer comments on this answer (and responses from the answerer)
agree  Patricia Baldwin
2 hrs
  -> gracias Patricia, saludos!
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29 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
preferred subordinated bonds


Explanation:
In my work as a financial journalist, I have seen it expressed this way. As for the "no preferentes", I would say they are just common subordinated bonds.

Simona de Logu
United Kingdom
Local time: 16:50
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in pair: 102
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13 days   confidence: Answerer confidence 5/5
convertible subordinated notes ... preferred or non-preferred


Explanation:
They are convertible subordinated notes and they are convertible into preferred stock. If they are not converted they remain convertible subordinated notes (and therefore "non-preferred") and if they are converted they will become preferred stock.

To answer your other questions:

1.) "Bond" and "debenture" can be used interchangeably if the instrument is unsecured. "Bond" is more typically used to refer to longer-term notes, e.g. >10 year term.

2.) They are subordinated.

3.) As subordinated notes they are by definition junior and almost certainly unsecured.


Michael Mueller
Spain
Local time: 17:50
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